THE KOREAN tire maker Hankook Tire announced on Monday that it had decided to build its new factory in Hungary, the SME daily wrote. The investment, which will be worth at least half a billion euros (Sk20 billion), was originally promised to Slovakia, but the company withdrew after the Slovak cabinet refused to confirm generous state incentives offered by former Economy Minister Pavol Rusko.
After the location of the investment was announced, the Economy Ministry told journalists that it had received a letter from Hankook Tire in which the company agreed to reopen investment negotiations with Slovakia.
Hankook spokesman Kim Sung-joong told Reuters that this decision could still be reversed depending on how negotiations on detailed terms with Hungary proceeded. The Slovak embassy in the Korean Republic also confirmed that this was not the company's final decision.
Compiled by Magdalena MacLeod from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
24. Oct 2005 at 11:56